Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

Here’s why Circle’s CPN could be a threat to XRP price

July 7, 2025
5 Countries Where Crypto Is Tax-Free in 2025 (And Still Legal)

5 Countries Where Crypto Is Tax-Free in 2025 (And Still Legal)

July 7, 2025

Mine BTC with XRP via RICH Miner’s cloud mining platform

July 7, 2025

can bulls break the $2.42 barrier?

July 7, 2025

Ethereum Eyes 16.7M Gas Cap Under Vitalik Buterin’s New Proposal

July 7, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    Ethereum Eyes 16.7M Gas Cap Under Vitalik Buterin’s New Proposal

    July 7, 2025

    Bitcoin To Repeat Parabolic Phase From 2017 And 2021? Here’s The Target

    July 7, 2025

    BioMatrix Surpasses 5 Million Verified Users, Setting New Standards for Real Human Engagement in Web3

    July 7, 2025

    Ethereum Breaks Higher With Conviction: No Signs Of A Breakdown Yet

    July 7, 2025

    No Monday Buy, but Strategy Reports $14B Bitcoin Gain

    July 7, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » Technology » Blockchain » Philippines securities regulator flags Binance for operating without license
Blockchain

Philippines securities regulator flags Binance for operating without license

Crypto Observer StaffBy Crypto Observer StaffNovember 29, 2023No Comments2 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

Crypto exchange Binance has been operating in the Philippines without securing the necessary license or approval, as reported by the country’s securities regulator.

On Nov. 28, The Philippines Securities and Exchange Commission (SEC) released a warning about Binance, notifying the public that the exchange lacks authorization to sell or offer securities within the country.

The statement highlighted that a platform such as Binance is required to register and furnish comprehensive details about the securities it offers prior to making them available to the public. Such detailed information includes the issuance price, the nature of securities, and other data.

The SEC also accused Binance of illicitly promoting its services in the country. Entities involved in promoting or trading on Binance may face criminal liability under Section 28 of the SRC. This offense carries a penalty of up to 5 million Philippine pesos (approximately $90,300), imprisonment of up to 21 years, or both, as per Section 73 of the SRC.

Despite receiving several warnings, Binance continues to be a prominent cryptocurrency trading platform in the Philippines, with some users praising the dependability and steadiness of its services in the region on social media three months ago.

Reports indicate that the SEC plans to restrict access to Binance’s website and applications in the Philippines in the next three months, enabling local users to liquidate and withdraw their positions.

Furthermore, the SEC has reportedly requested Google and Meta to ban Binance’s online advertisements in the country.

Kenneth Stern, the former general manager of Binance in the Philippines, left the exchange this month, as indicated by his LinkedIn profile.

Local media in the Philippines published a response from Binance, where the exchange said it was “committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC’s concerns.”

This situation follows Binance’s recent settlement with U.S. authorities, where the exchange agreed to pay $4.3 billion in fines for failing to maintain an adequate anti-money laundering program, operating an unlicensed money-transmitting business, and violating sanctions law.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

5 Countries Where Crypto Is Tax-Free in 2025 (And Still Legal)

5 Countries Where Crypto Is Tax-Free in 2025 (And Still Legal)

July 7, 2025
Shenzhen Warns Against Stablecoin Scams

Shenzhen Warns Against Stablecoin Scams

July 7, 2025
LetsBonk Surpasses Pump.fun in Daily Revenue, Per DefiLlama Data

LetsBonk Surpasses Pump.fun in Daily Revenue, Per DefiLlama Data

July 7, 2025
Bhutan Embraces Crypto Payments to Attract Modern Tourists

Bhutan Embraces Crypto Payments to Attract Modern Tourists

July 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

Here’s why Circle’s CPN could be a threat to XRP price

July 7, 2025
5 Countries Where Crypto Is Tax-Free in 2025 (And Still Legal)

5 Countries Where Crypto Is Tax-Free in 2025 (And Still Legal)

July 7, 2025

Mine BTC with XRP via RICH Miner’s cloud mining platform

July 7, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

Bitcoin To Repeat Parabolic Phase From 2017 And 2021? Here’s The Target

July 7, 2025

BioMatrix Surpasses 5 Million Verified Users, Setting New Standards for Real Human Engagement in Web3

July 7, 2025

Ethereum Breaks Higher With Conviction: No Signs Of A Breakdown Yet

July 7, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.